Panda Property LTD
If you’re looking for someone to sell, rent or manage your portfolio, panda has your best interest🐼
🐼Financial Sanctions Reporting comes in from TODAY!
From today, 14th May 2025, letting agency businesses across the UK must adhere to a new sanctions reporting framework. All agents must understand the regulations and update their working practices and systems accordingly.
Previously, only estate agents were obligated to undertake sanctions checks and report to the Office for Sanctions Implementation (OFSI). This legal responsibility will now apply to all letting agents.
Duties for all letting agents from 14 May
🔘Complete sanctions checking on all landlords and tenants
🔘Complete sanctions checking on guarantors who will pay rent directly, or engage with the agent or landlord during the tenancy
🔘Report any interaction with someone under sanctions to the Office of Financial Sanctions Implementation (OFSI)
⚫️Monthly rent equivalent of 10,000 Euros or more
Some steps agents must take to verify the identity of individuals involved in a property transaction are the same steps to verify potential money laundering risks.
Although all letting agents will now be expected to report to OFSI, the threshold for money laundering supervision is not changing.
Agents must verify identities in property transactions, aligning with anti-money laundering checks. Letting agents will now report to OFSI, but only need HMRC registration if renting properties with monthly rents of €10,000 or more. Propertymark advises submitting a Suspicious Activity Report to the National Crime Agency if due diligence suggests money laundering risks.
For more information and to see how this could affect you, contact Panda Property.
📞01482 319200
📧info@pandapropertyltd.com
or visit:
📍The Community Enterprise Centre
Cottingham Road, Hull, HU5 2DH
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🐼Do you need your Property Portfolio Managing?🏡
Here at Panda Property, we offer a complete Property Management package, whatever the size of your property portfolio. We can let, maintain, manage tenants and anything else that you need.
Call now and see what Panda Property can do for you.
📞01482 319200
📧info@pandapropertyltd.com
or visit:
📍The Community Enterprise Centre
Cottingham Road, Hull, HU5 2DH
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